RECORD-BREAKING FIRST QUARTER SALES-Organic growth of 15 percent - Q1 2018 - Cision
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Q1 2018
RECORD-BREAKING FIRST QUARTER SALES
– Organic growth of 15 percent
Bygghemma Group First AB (publ) 1
Q1 2018
Today’s presenters
Mikael Olander Martin Edblad
President and CEO CFO
§ Bygghemma Group since 2012 § Bygghemma Group since 2012
§ CEO of CDON Group (2000-12) § CFO of CDON Group (2010-12)
§ Manager at Egmont (1995-00) § Various financial positions at MTG, incl. CFO of MTG’s online business
§ Former member of the Swedish National Athletics decathlon team area (2004-10)
Bygghemma Group First AB (publ) 2
Q1 2018
Agenda
§ Results highlights
§ Business update
§ Financial update Q1 2018
‒ Group
‒ DIY segment
‒ Home furnishing segment
‒ Cash flow and financial position
§ Summary and financial targets
§ Q&A
Bygghemma Group First AB (publ) 3
Q1 2018
Agenda
§ Results highlights
§ Business update
§ Financial update Q1 2018
‒ Group
‒ DIY segment
‒ Home furnishing segment
‒ Cash flow and financial position
§ Summary and financial targets
§ Q&A
Bygghemma Group First AB (publ) 4
Q1 2018
Results highlights – strong start of 2018
Strong sales growth: Increasing profitability: Strong operating cash flow:
53% growth of which 15% organic best first quarter to date outgrowing EBITDA
Net sales (SEKm) Organic growth Adjusted EBITA (SEKm) Adjusted EBITA margin Q1 2018 (SEKm) Cash conversion
105%
12,5 (10.5)
+53% +57%
1 025,1 30,6
38,5
36,5
+15%
669,7 19,5
2.9% 3.0%
Q1 2017 Q1 2018 Q1 2017 Q1 2018 Adjusted Adj. change Capex Operating
EBITDA in NWC 1) cash flow
Note: Adjusted EBITDA and Adjusted EBITA exclude Items affecting comparability, which totalled SEK 50.6 million (7.2) and were attributable to (i) acquisition costs of SEK 0.6 million (4.6), (ii) integration costs of SEK 7.9 million (2.6), pertaining to the integration of Furniturebox, (iii) costs of SEK 11.4 million (-)
associated to the long-term incentive programme for some 60 key employees in the Group launched in connection to the IPO and (iv) costs for the listing on Nasdaq Stockholm of 30.7 million (-). 1) Change in NWC of 23.9 million adjusted for LTIP costs of 11.4 million.
Bygghemma Group First AB (publ) 5
Q1 2018
Agenda
§ Results highlights
§ Business update
§ Financial update Q1 2018
‒ Group
‒ DIY segment
‒ Home furnishing segment
‒ Cash flow and financial position
§ Summary and financial targets
§ Q&A
Bygghemma Group First AB (publ) 6
Q1 2018
Bygghemma Group at a glance
The clear Nordic online leader in home improvement Significant scale and profitability
0.4% 2.5% 3.9% 4.6% 3.9% 4.5%
4 774
4,419
CAGR
+59%
2 768
2 604
Net sales (2017)
1 895
Denmark
Norway 8%
5% 1 096
Home Finland
DIY
furnishing 17%
59%
41%
2014 2015 2016 2017 LTM Q1 LTM Q1
Sweden pro forma 2017 2018
70% DIY Home furnishing Eliminations Adjusted EBITA margin
Note: Adjusted EBITA excludes Items affecting comparability.
Bygghemma Group First AB (publ)
7
Q1 2018
Our clear vision
Unrivalled
product offering
The most
competitive prices
Make home The best online shopping
improvement experience and expertise
simple
Bygghemma Group First AB (publ)
8
Q1 2018
Proven, disruptive and winning model
We offer an outstanding shopping experience through an online-first model
1.
Unrivalled
product 2.
offering Real time price
management
7.
Winning 3.
culture Traffic
generation
expertise
6.
Agile and efficient
delivery model 4.
High service
level in all
5.
channels
Cost
efficiency
Bygghemma Group First AB (publ)
9
Q1 2018
Sizable Nordic market opportunity
We target large Nordic retail categories... ...with significant upside potential in online penetration
Nordic retail market size by category in 2016 (SEKbn) Nordic online penetration by category (2016)
Food and drink 798 Books 50%
Apparel and footwear 244
Consumer electronics 27%
Home improvement1) 19 230
Consumer appliances 19%
Consumer electronics 99
Beauty and personal
55 Apparel and footwear 13%
care
Consumer appliances 47
DIY 10%
Consumer health 35
Beauty and personal care 8%
Pet care 19
Home care 11 Home furnishing 7%
Pet care 5%
Home furnishing 8 124 Online penetration
Food and drink 1% in DIY in the UK
DIY 11 106 already at ~17%
Home care 1%
Online market Offline market
1) Aggregation of DIY and Home furnishing categories. Note: Nordic includes Sweden, Denmark, Norway and Finland. Source: Arthur D. Little analysis; Books is based on data for Sweden including e-books, taken from Boken 2017.
Bygghemma Group First AB (publ)
10Q1 2018
Increasing online penetration drives future growth
Online penetration levels at various stages hint to the market potential
Nordic home improvement market (2016) Illustrative
Nordic market size
SEK ~230bn
SEK ~69bn1)
@ 30% online penetration
Net sales
SEK ~35bn1)
SEK ~10bn
@ 15% online penetration
SEK ~19bn
SEK 4.8bn2)
@ 8% online penetration
1) Online market is estimated based on 2016 market size of SEK 230bn, applying an online penetration of 15% and 30%. 2) LTM Q1 2018. Source: Company data.
Bygghemma Group First AB (publ)
11Q1 2018
Q1 market development supports the online trend
§ Management estimates improved market shares in both Significant outperformance of the online market
segments during Q1 2018
Q1 2018
§ Swedish DIY operations grew steadily during the period,
mainly driven by continued online penetration 53,1%
§ The somewhat slower Swedish housing market has not +17.6 ppt
been reflected in the Group’s Swedish businesses during
the period
§ On the other hand, the strengthened business cycle in
Finland, which is the Group’s second largest market,
contributed to the strong growth in the Group’s Finnish
operations
§ Like the sector as a whole, our performance during the 17,8%
quarter was impacted by the unusually late arrival of spring
and particularly by the record-low temperatures in all of our
markets during March
− For example, sales of outdoor products decreased year-on-year 0,2%
which had a particularly noticeable impact on the home furnishing
segment in the period Bygg- och järnindex Bygghemma Group - Bygghemma Group -
(Sweden) DIY organic growth total growth
Source: Byggmaterialhandlarna and Company data.
Bygghemma Group First AB (publ) 12Q1 2018
Integration of Furniturebox according to plan
§ Furniturebox was acquired in Q1 2017 to gain a leading Furniturebox integration is close to final and on track
position in the Nordic online home furnishing segment
§ The integration project was initiated in Q2 2017 for the
purpose of realising sales and cost synergies Tech integration completed in Q4-17
− Furniturebox to be fully integrated into Trademax and Chilli’s web − ERP system
platform, business system and warehouse management solution Q4 2017 − Web platform
− Warehouse platform
and the organisations to be merged into one
§ The integration process continued according to plan in Q1
and is expected to be completed during Q3 Optimisation of new tech platforms
Q1 2018
§ Total integration costs of SEK ~15 million expected in 2018
− SEK 7.9 million in Q1
− SEK ~5 million is expected in Q2 and SEK ~2 million in Q3
Preparations of warehouse moves
Q2 2018
§ In connection with the web site change Furniturebox has
experienced a decline in traffic of ~25%, which is normal for
this type of operational project
− The number of visitors is expected to return to normalised levels Closing of warehouses in
in the second half of 2018 Q3 2018 Lammhult and Bjärnum
Bygghemma Group First AB (publ) 13Q1 2018
Agenda
§ Results highlights
§ Business update
§ Financial update Q1 2018
‒ Group
‒ DIY segment
‒ Home furnishing segment
‒ Cash flow and financial position
§ Summary and financial targets
§ Q&A
Bygghemma Group First AB (publ) 14Group Q1 2018
Strong net sales growth
Strong development in KPIs Strong growth despite the unusually late arrival of spring
– Average order value distorted by recent M&A and the cold weather, particularly in March
Net sales (SEKm) Organic growth
+38%
# of visits 18 320 25 355
(000’s)
Q1 2017 Q1 2018 +53%
+77% 1 025,1
# of orders 352
199
(000’s)
Q1 2017 Q1 2018 +15%
669,7
+28%
Conversion 1,4
1,1
rate
(%)
Q1 2017 Q1 2018
(16%)
Average 3 455,0
order value 2 918,0
(SEK) Q1 2017 Q1 2018
Q1 2017 Q1 2018
Bygghemma Group First AB (publ) 15Group Q1 2018
Increased underlying profitability – all time high for Q1
Adjusted gross profit increased by 61% compared to the Improved EBITA margin:
same period last year, indicating scalability operating leverage partly offset by cold weather
Adjusted gross margin SEKm Adjusted EBITA margin
+1.1 ppt +57%
30,6
20,8%
19,7%
19,5
2.9% 3.0%
Q1 2017 Q1 2018 Q1 2017 Q1 2018
Note: Items affecting comparability impacted gross profit by SEK 7.5 million (2.6), attributable to the Furniturebox integration. Items affecting comparability impacting EBITA totalled SEK 50.6 million (7.2) and were attributable to (i) acquisition costs of SEK 0.6 million (4.6), (ii) integration costs of SEK 7.9 million (2.6),
pertaining to the integration of Furniturebox, (iii) costs of SEK 11.4 million (-) associated the long-term incentive programme for some 60 key employees in the Group launched in connection to the IPO and (iv) costs for the listing on Nasdaq Stockholm of 30.7 million (-).
Bygghemma Group First AB (publ) 16DIY segment Q1 2018
Organic growth of 18% and increased profitability
DIY represented 59% of
§ Net sales increased by 52.8%, of which
the Group’s net sales in Q1 2018 Operating leverage from further scale
organic growth accounted for 17.8%
§ Adjusted EBITA increased to 3.3% (2.5) Net sales (SEKm) Adjusted gross margin Adjusted EBITA margin
positively impacted by higher sales
volumes and an improved gross margin
compared with the corresponding period
last year
§ Management’s assessment is that the +53% +0.8 ppt
operations in this segment continued to
gain market shares in all Nordic markets 607,2
during the quarter driven by primarily
online migration 3,3%
§ The strongest performance during the
397,3 2,5%
quarter was seen in the white
goods/kitchens product category, followed
by bathrooms and flooring
§ The focus on category expertise has
yielded positive results, partly due to the
specialised knowledge and brand
diversification that followed from a number 18.6% 20.4%
of recent acquisitions
Q1 2017 Q1 2018 Q1 2017 Q1 2018
Note: Items affecting comparability attributable to the LTIP and IPO have not been allocated at the business segment level.
Bygghemma Group First AB (publ) 17Home furnishing segment Q1 2018
Organic growth of 9% despite cold weather
Home furnishing represented 41% of Significantly lower sales of outdoor
§ Net sales increased by 53.2%, of which
the Group’s net sales in Q1 2018 products impacted margin
organic growth accounted for 8.8%,
despite being adversely impacted by
Net sales (SEKm) Adjusted gross margin Adjusted EBITA margin
significantly lower sales of outdoor
products compared with the corresponding
period last year due to the cold weather
§ Management’s assessment is that the
business segment’s operations gained
market shares in all product categories +53% (1.2 ppt)
and markets during the quarter driven by 421,6
primarily online migration 3,9%
§ Adjusted gross margin rose to 23.2
percent (22.1), mainly driven by a higher
275,1 2,7%
gross margin on sales outside Sweden
§ Integration of Furniturebox continued
according to plan during Q1 2018 and is
expected to be completed in Q3 2018
21.2% 21.4%
Q1 2017 Q1 2018 Q1 2017 Q1 2018
Note: Items affecting comparability attributable to the LTIP and IPO have not been allocated at the business segment level.
Bygghemma Group First AB (publ) 18Cash flow and financial position Q1 2018
Strong operating cash flow: outgrowing EBITDA
Strong cash conversion despite inventory increase of Cash flow for the period was distorted by items affecting
SEK +78m to prepare for Q2 / Q3 sales comparability and the new share issue at IPO
Q1 2018 (SEKm) Cash conversion SEKm
Mainly driven by net
105% proceeds of
SEK ~340m from the
new share issue
12,5 (10.5)
344,8 460,6
38,5
36,5
Impacted by items
affecting comparability
of SEK (50.6)m
156,1 (18.0)
(22.4)
M&A capex of
SEK (10.5)m in the
period
1)
Adjusted EBITDA Adj. change in NWC Capex Operating cash flow Q4 2017 liquidity Operating CF Investing CF Other changes Q1 2018 liquidity
Note: Debt refinancing occurred in early April, after the Q1 2018 period end date. 1) Change in NWC of 23.9 million adjusted for LTIP costs of 11.4 million.
Bygghemma Group First AB (publ) 19Cash flow and financial position Q1 2018
Net debt / EBITDA in line with the financial target
Materially improved financial position following the IPO § Materially reduced net debt and interest expense following the new
share issue and refinancing in connection with the IPO
SEKm 31 Mar 2018 § Debt refinancing occurred in early April, i.e. after the Q1 2018 period
end date
Interest bearing liabilities 1,200.1
Cash and cash equivalents (460.6)
§ The offering of new shares at IPO contributed gross proceeds of
approximately SEK 350m and net proceeds of about SEK 340m to
Adjustment for earn-outs and deferred
(243.3)
Bygghemma Group (after bank syndicate fees)
payments
Adjustment for debt fees -
§ New credit agreement with SEB for a total amount of SEK ~1,100m
(nominal amount)
Net debt / (net cash) 496.3 − New term loan of SEK ~500m
− New RCF of SEK 300m, of which SEK 240m pertains to a
revolving credit facility in the form of working capital financing and
LTM adjusted EBITDA 232.9
SEK 60m pertains to a letter of credit
Net debt / LTM adjusted EBITDA 2.1x − New acquisition facility of SEK 300m
§ Annual interest rate of post IPO financing: IBOR + ~175 bps1)
1) Customary margin ratchet based on net leverage.
Bygghemma Group First AB (publ) 20Q1 2018
Agenda
§ Results highlights
§ Business update
§ Financial update Q1 2018
‒ Group
‒ DIY segment
‒ Home furnishing segment
‒ Cash flow and financial position
§ Summary and financial targets
§ Q&A
Bygghemma Group First AB (publ) 21Q1 2018
Summary
§ Strong net sales growth in the quarter, total of
+53% of which +15% organic growth
§ Continued online penetration in Bygghemma
Group’s markets and management assesses
improved market shares in both segments in the
quarter
§ The highest gross margin and EBITA margin for a
first quarter to date1)
§ Integration of Furniturebox according to plan
§ Completed the IPO on Nasdaq Stockholm in late
March
§ We look forward to deliver on our strategy for
profitable growth in line with our mid-term financial
targets
1) Adjusted for items affecting comparability, mainly related to the new LTIP and the IPO.
Bygghemma Group First AB (publ)
22Q1 2018
Financial targets and dividend policy
ü Bygghemma Group aims to grow net sales by 20 – 25% on average per year in
Net sales the medium term, of which approximately 15% attributable to organic growth
growth ü The Company’s objective is to reach net sales of SEK 10 billion in the medium
term including acquisitions
ü Gradually improve profitability to reach an adjusted EBITA margin of around 7% in
Profitability the medium term
and cash
ü Achieve cash conversion in line with adjusted EBITDA as a result of the
conversion business model
Capital ü Net debt in relation to LTM EBITDA in the range of 1.5 – 2.5x, subject to flexibility
structure for strategic activities
ü When free cash flow exceeds available investments in profitable growth, and
Dividend under the requirement that the capital structure target is met, the surplus will be
policy distributed to shareholders
Bygghemma First Holding AB 23Q1 2018
Agenda
§ Results highlights
§ Business update
§ Financial update Q1 2018
‒ Group
‒ DIY segment
‒ Home furnishing segment
‒ Cash flow and financial position
§ Summary and financial targets
§ Q&A
Bygghemma Group First AB (publ) 24Q1 2018 Why Bygghemma Group Targeting a large Nordic customer segment (home improvement market of SEK ~230bn in 2017E) Bygghemma Group is the clear Nordic online leader with strong profitable growth potential ~100% growth is expected in the online channel of the home improvement market until 2020E Categories well suited for online sales (attractive contribution margin per order + operating leverage) Strong conversion of EBITDA into operating cash flow Bygghemma Group First AB (publ) 25
Q1 2018 Appendix Bygghemma First Holding AB 26
Q1 2018
Condensed consolidated financial information
Q1 Jan-Dec
SEKm (if not otherwise stated) 2018 2017 ∆% 2017
Net Sales 1,025.1 669.7 53.1 3,955.5
Gross profit 213.1 132.0 61.4 820.0
Gross margin (%) 20.8 19.7 5.5 20.7
Adjusted gross profit* 220.6 134.6 63.9 855.2
Adjusted gross margin (%) 21.5 20.1 7.1 21.6
Adjusted EBITDA* 36.5 23.2 57.7 219.7
Adjusted EBITDA-margin (%) 3.6 3.5 3.0 5.6
Adjusted EBITA** 30.6 19.5 57.2 197.0
Adjusted EBITA-margin (%) 3.0 2.9 2.7 5.0
Operating income -29.2 5.6 -621.0 91.5
Operating-margin (%) -2.9 0.8 -440.3 2.3
Net profit/loss for the period -55.0 -3.5 1464.3 28.7
Cash flow from operations -18.0 -26.6 -32.5 141.1
Visits (thousands) 25,355 18,320 38.4 91.7
Orders (thousands) 352 199 77.0 1.2
Conversion rate (%) 1.4 1.1 27.9 1.4
Average order value (SEK) 2,918 3,455 -15.5 3,153
* Adjusted for items affecting comparability (refer to “Relevant reconciliations of non-IFRS alternative performance measures (APM) for a more detailed description). Items affecting comparability impacting the gross profit amounted to SEK 7.5 million (2.6), attributable to the Furniturebox integration. Items affecting
comparability impacting EBITA totalled SEK 50.6 million (7.2) and were attributable to (i) acquisition costs of SEK 0.6 million (4.6), (ii) integration costs of SEK 7.9 million (2.6), pertaining to the integration of Furniturebox, (iii) costs of SEK 11.4 million (-) associated to the long-term incentive programme for some 60
key employees in the Group launched in connection to the IPO and (iv) costs for the listing on Nasdaq Stockholm of 30.7 million (-).
** Adjusted EBITA is defined as operating income before depreciation and amortisation related to acquisitions and total items affecting comparability (described above).
Bygghemma Group First AB (publ) 27Q1 2018
DIY segment
Q1 Jan-Dec
SEKm (if not otherwise stated) 2018 2017 ∆% 2017
Net Sales 607.2 397.3 52.8 2,342.2
Gross profit 123.6 73.8 67.6 468.4
Gross margin (%) 20.4 18.6 9.6 20.0
Adjusted gross profit 123.6 73.8 67.6 468.4
Adjusted gross margin (%) 20.4 18.6 9.6 20.0
Adjusted EBITA 20.3 9.8 106.4 114.4
Adjusted EBITA-margin (%) 3.3 2.5 35.0 4.9
Operating income 13.2 4.5 195.8 87.0
Operating margin (%) 2.2 1.1 93.5 3.7
Net profit/loss for the period 5.9 2.2 164.3 10.5
Visits (thousands) 14,020 11,192 25.3 51,938
Orders (thousands) 199 129 54.7 674
Conversion rate (%) 1.4 1.2 23.5 1.3
Average order value (SEK) 3,051 3,251 -6.2 3,394
Bygghemma Group First AB (publ) 28Q1 2018
Home furnishing segment
Q1 Jan-Dec
SEKm (if not otherwise stated) 2018 2017 ∆% 2017
Net Sales 421.6 275.1 53.2 1,628.9
Gross profit 90.3 58.3 55.0 354.0
Gross margin (%) 21.4 21.2 1.2 21.7
Adjusted gross profit 97.8 60.9 60.7 389.2
Adjusted gross margin (%) 23.2 22.1 4.9 23.9
Adjusted EBITA 11.2 10.9 3.2 84.9
Adjusted EBITA-margin (%) 2.7 3.9 -32.6 5.2
Operating income 0.5 2.4 -77.7 25.6
Operating margin (%) 0.1 0.9 -85.4 1.6
Net profit/loss for the period -3.8 0.2 -2021.4 14.5
Visits (thousands) 11,335 7,128 59.0 39.7
Order (thousands) 153 70 118.1 569
Conversion rate (%) 1.3 1.0 37.1 1.4
Average order value 2,744 3,829 -28.3 2,868
Bygghemma Group First AB (publ) 29Q1 2018
P&L
Q1 Jan-Dec
SEKm 2018 2017 2017
Net Sales 1,025.1 669.7 3,955.5
Other operating income - - 6.1
Total Net Sales 1,025.1 669.7 3,961.7
Cost of goods sold -812.0 -537.6 -3,135.6
Personnel costs -106.6 -53.5 -306.2
Other external costs and operating expenses -117.0 -62.3 -373.5
Other operating expenses -3.5 -0.2 -0.1
Depreciation and amortization of tangible and intangible
-15.2 -10.4 -54.7
fixed assets
Operating income -29.2 5.6 91.5
Profit/loss from financial items -39.7 -8.5 -54.7
Profit before tax -69.0 -2.9 36.8
Income tax 14.0 -0.6 -8.1
Profit/loss for the period -55.0 -3.5 28.7
Attributable to:
Equity holders of the parent -55.0 -3.5 28.7
Net income for the period -55.0 -3.5 28.7
Earnings per share before dilution, SEK -1.73 -1.24 -3.99
Earnings per share after dilution, SEK -1.73 -1.24 -3.99
Bygghemma Group First AB (publ) 30Q1 2018
Balance sheet
31 Mar 31 dec
SEKm 2018 2017 2017
Non-current assets
Goodwill 2,455.8 2,217.9 2,451.1
Other intangible fixed assets 1,162.7 998.9 1,166.3
Total intangible fixed assets 3,618.5 3,216.8 3,617.4
Buildings and land 11.2 10.7 10.8
Tangible fixed assets 22.9 16.3 21.4
Financial fixed assets 4.9 1.7 4.5
Deferred tax asset 15.7 7.5 15.5
Total fixed assets 3,673.2 3,253.1 3,669.6
Current assets
Inventories 478.7 288.6 400.4
Current receivables 240.0 121.6 192.8
Cash and cash equivalents 460.6 53.6 156.1
Total current assets 1,179.2 463.8 749.3
Total assets 4,852.4 3,716.9 4,418.9
Equity
Equity attributable to owners of the parent 2,675.0 2,137.6 2,375.1
Total equity 2,675.0 2,137.6 2,375.1
Non-current liabilities
Deferred tax asset 257.4 217.6 259.0
Other provisions 1.5 2.0 1.4
Non-current interest bearing liabilites - 0.0 -
Non-current interest bearing liabilites to credit institutions - 769.0 893.3
Other non-current liabilities 217.6 59.4 212.7
Total non-current liabilities 476.5 1,048.0 1,366.4
Current liabilities
Short term interest bearing loans to credit institutions 956.9 3.4 44.2
Other interest bearing liabilities 25.7 35.5 36.9
Other current liabilities 718.3 492.3 596.4
Total current liabilities 1,700.8 531.3 677.5
Total shareholders' equity and liabilities 4,852.4 3,716.9 4,418.9
Bygghemma Group First AB (publ) 31Q1 2018
Consolidated statement of cash flows
Q1 Jan-Dec
SEKm 2018 2017 2017
Cash flow from operating activities before changes in
-41.8 1.6 67.3
working capital
Changes in working capital 23.9 -28.2 73.7
Cash flow from operations -18.0 -26.6 141.1
Investments in operations -12.0 -538.6 -731.7
Investments in other non-current assets -10.5 -5.3 -28.6
Divestment of other tangible fixed assets 0.1 - 0.1
Cash flow to/from investing activities -22.4 -543.9 -760.1
New share issue 343.3 441.0 425.6
Net change in loans - 130.0 401.3
Amortization of loans -3.3 -0.0 -106.2
Dividends to shareholders - - 0.1
Cash flow to/from financing activities 340.0 570.9 720.8
Cash flow for the period 299.6 0.4 101.7
Cash and cash equivalents at the beginning of the period 156.1 53.3 53.3
Translation differences in cash and cash equivalents 4.8 -0.1 1.0
Cash and cash equivalents at the end of the period 460.6 53.6 156.1
Bygghemma Group First AB (publ) 32Q1 2018
Reconciliation on non-IFRS metrics
Q1 Jan-Dec
SEKm 2018 2017 2017
Operating income -29.2 5.6 91.5
Depreciation and amortization of intangible fixed assets 9.3 6.7 32.1
EBITA -19.9 12.3 123.6
Acquisition-related costs 0.6 4.6 10.0
Integration costs 7.9 2.6 44.7
Costs related to LTIP 11.4 - -
Costs related to the process for expanding the shareholder base 30.7 - 18.8
Total items affecting comparability 50.6 7.2 73.5
Adjusted EBITA 30.6 19.5 197.0
Depreciation and amortization of tangible and intangible
5.9 3.7 22.6
fixed assets
Adjusted EBITDA 36.5 23.2 219.7
Net Sales 1,025.1 669.7 3,955.5
Cost of goods sold -812.0 -537.6 -3,135.6
Gross profit 213.1 132.0 820.0
Integration costs 7.5 2.6 35.2
Adjusted gross profit 220.6 134.6 855.2
Bygghemma Group First AB (publ) 33You can also read
